• Contact Us
  • About
  • Advertise
  • Privacy & Policy
Thursday, September 4, 2025
  • Login
E3P Motor Insurance
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Home
  • Insurance
  • Pension
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
No Result
View All Result
Business Post
No Result
View All Result
Home News

Puzzles, Potentials of Nigeria’s Large Uninsured Risks

Nwanne Ikemefune by Nwanne Ikemefune
July 23, 2021
in News
0 0
0
Lagos Business Hub
0
SHARES
260
VIEWS
Share on FacebookShare on TwitterShare on WhatsApp

The narrative about Nigeria’s large uninsured risks has caught global attention with several potential investors coming from developed markets to have the first assessment of the brief they had that prompted them to venture out before rolling out, an investment decision.

After several potential investors sorties, some have landed good targets while others are monitoring the situation hoping to make another rewarding landing.

With a large population that is swinging population figures between 160 to 200 million, investors see this as a potential market to explore despite the discouraging penetration rate of less than 2.5%.

Nigeria indeed has the largest economy in Africa, but insurance presence is at the lower rungs of the economic ladder because the life and retail market is not matching the strides of corporate policies, which is still keeping a comfortable lead. The life and retail businesses are coming after, but still a distance away.

Despite the poor ranking, the Commissioner for Insurance, Mr. Sunday Thomas, said the nation’s insurance industry is attractive for its potentials. This remark was contained in the keynote address at the webinar promoted by First Law & Impact Consulting in Lagos, the second in the series.

Thomas, said the state of the nation insurance market lands it among the largest in the world with un-insured customers in a single market.

He followed this up with comments that the situation could be reversed because of the market potentials are enormous and with the policies being rolled out and the buy-in of the operators, good results are expected. “However, reaching this potentials has been difficult with the sector fragmented and indeed in need of consolidation,” he said. The dose of consolidation is already served and operators are coming to terms with the approach that suit their business continuity interest.

On its part as the regulator, he said government has used policy intervention to increase the rate of policy customers “but the execution of this policies has proven challenging as the long awaited increases in minimum capital requirement is yet to be implemented.”

As the regulator pushes the consolidation through new minimum capital set to be concluded by September 2021, it is pressing on with the licencing of four new insurance companies, two general, two life companies. Also following after is a new process to licence a reinsurance firm.

Previous Post

Promise Alert Underway For Free Mass Metering

Next Post

Image Spin: Lens Talk From The Regulators And Stakeholders

Nwanne Ikemefune

Nwanne Ikemefune

Related Posts

Insurance & Pension Mix Confab Pushes For Reinforcements to Enhance Sectors Operations
News

Insurance & Pension Mix Confab Pushes For Reinforcements to Enhance Sectors Operations

August 4, 2025
SanlamAllianz Nigeria Ignites Creative and Financial Confidence in Nigerian Teens With Nationwide Writing Competition
News

SanlamAllianz Nigeria Ignites Creative and Financial Confidence in Nigerian Teens With Nationwide Writing Competition

July 20, 2025
NAICOM logo
News

NAICOM Condoles on Buhari Passing, Notes His Tenure’ Commitment to Insurance Development

July 14, 2025
Next Post
NAICOM & SEC

Image Spin: Lens Talk From The Regulators And Stakeholders

Please login to join discussion
NEM INSURANCE NEM INSURANCE NEM INSURANCE
  • Trending
  • Comments
  • Latest
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

April 27, 2024
tope smart NIA former chairman

Insurance Milestone: A Beacon To Follow

April 3, 2022
Custodian Investment To Acquire 51% Stake In UACN Property

Penetration: Operators Call For Insurance-In-Action

November 2, 2022
NCRIB And Universal In Pictures

NCRIB And Universal In Pictures

May 4, 2024
Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

Reinsurance Rates May Increase Into 2022, But Momentum To Wane: Fitch

April 13, 2021
ncrib logo

NCRIB Sets The Stage For Adaramola’s Tenure

June 7, 2023
Preferred PenCom Logo

PenCom Board Crafted To Hedge Setback

February 1, 2021
Linkage Assurance Aligns With Brokers For Growth

Linkage Assurance Aligns With Brokers For Growth

December 6, 2021
PTAD Wipes 21,227 Parastatals Pensioners From Payroll

PTAD Wipes 21,227 Parastatals Pensioners From Payroll

January 31, 2021
Preferred PenCom Logo

PenCom Board Back-To-Work Pass, Gets Tick Over

May 4, 2025
Anchor MD Loses Father

Anchor MD Loses Father

2
Regulators Clear Guinea Insurance  For Private Placement

Regulators Clear Guinea Insurance For Private Placement

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Inaugurates Discount Rate Committee To Ease Insurance Contracts Under IFRS 17

2
Insurance Mastercard Joe Irukwu Passes On

Insurance Mastercard Joe Irukwu Passes On

2
AIICO Head office

Car Insurance Takes A New Turn With AIICO, ETAP ‘Redefine Partnership’

2
Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

Authenticity Of Motor Policy, Technology Crowns Policyholders Verifying Partners

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

2
Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

Ebere Nwoji Makes It Back To Back As 2023 Print Media Reporter

2
Loss Adjusters Receive Charge To Match Speed Of New Developments

Loss Adjusters Receive Charge To Match Speed Of New Developments

2
NAICOM Helmsman Thomas Leads African Insurance Supervisory Authorities

Federal Government & NAICOM Working On New Guidelines For Insuring Government Assets

2
Guinea Insurance Plc Approves Recapitalisation Commits to Transformation

Guinea Insurance Plc Approves Recapitalisation Commits to Transformation

September 4, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group’s Life and General Businesses Receive ‘A1’ Ratings from Agusto & Co

September 4, 2025
Preferred PenCom Logo

PenCom Raises Concern Over Lingering Sectoral Challenges, Uneven Development And Antidote Defying Imbalances in Pension Industry

September 3, 2025
Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

September 1, 2025
Fintechs Can Turn Challenges to Opportunities But Not Until They Upgrade Their Domain in Independent Silos To Connected Wallets – Economy Expert

Fintechs Can Turn Challenges to Opportunities But Not Until They Upgrade Their Domain in Independent Silos To Connected Wallets – Economy Expert

September 1, 2025
SanlamAllianz, Leadway Others Hold IMT 4.0 High

SanlamAllianz, Leadway Others Hold IMT 4.0 High

August 30, 2025
PenOp

Jolted by Global Prevalence of Liver Disease PenOp Hosts Session on Damage, Prevention and Management

August 29, 2025
Preferred PenCom Logo

PenCom Expresses Concern Over Absence of Balanced Growth in Expansion of Micro Pension Plan

August 29, 2025
CAC Pledges Smooth Transition For 12Month Insurance Industry Recapitalization Timeline

CAC Pledges Smooth Transition For 12Month Insurance Industry Recapitalization Timeline

August 27, 2025
West Africa Insurance Market Prepares For Climate Change Risks at Upcoming Nigeria WAICA 2025 Education Confab

West Africa Insurance Market Prepares For Climate Change Risks at Upcoming Nigeria WAICA 2025 Education Confab

August 26, 2025
ADVERTISEMENT

Recent News

Guinea Insurance Plc Approves Recapitalisation Commits to Transformation

Guinea Insurance Plc Approves Recapitalisation Commits to Transformation

September 4, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group’s Life and General Businesses Receive ‘A1’ Ratings from Agusto & Co

September 4, 2025
Preferred PenCom Logo

PenCom Raises Concern Over Lingering Sectoral Challenges, Uneven Development And Antidote Defying Imbalances in Pension Industry

September 3, 2025
Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

Leadway Group Nurtures 33 Young Talents to Transform Nigeria’s Tech Pool

September 1, 2025
Fintechs Can Turn Challenges to Opportunities But Not Until They Upgrade Their Domain in Independent Silos To Connected Wallets – Economy Expert

Fintechs Can Turn Challenges to Opportunities But Not Until They Upgrade Their Domain in Independent Silos To Connected Wallets – Economy Expert

September 1, 2025
SanlamAllianz, Leadway Others Hold IMT 4.0 High

SanlamAllianz, Leadway Others Hold IMT 4.0 High

August 30, 2025
PenOp

Jolted by Global Prevalence of Liver Disease PenOp Hosts Session on Damage, Prevention and Management

August 29, 2025
Preferred PenCom Logo

PenCom Expresses Concern Over Absence of Balanced Growth in Expansion of Micro Pension Plan

August 29, 2025
CAC Pledges Smooth Transition For 12Month Insurance Industry Recapitalization Timeline

CAC Pledges Smooth Transition For 12Month Insurance Industry Recapitalization Timeline

August 27, 2025
West Africa Insurance Market Prepares For Climate Change Risks at Upcoming Nigeria WAICA 2025 Education Confab

West Africa Insurance Market Prepares For Climate Change Risks at Upcoming Nigeria WAICA 2025 Education Confab

August 26, 2025
Buyer Power Grows Ahead of 2026 Reinsurance Renewals

Buyer Power Grows Ahead of 2026 Reinsurance Renewals

August 25, 2025
Financial Stability: Insurance Uniqueness Makes Contribution to Economy And Society Broad, Exceptional

Financial Stability: Insurance Uniqueness Makes Contribution to Economy And Society Broad, Exceptional

August 25, 2025
IMT 4.0 Conference Secures NIA Chairman Speaking Participation

IMT 4.0 Conference Secures NIA Chairman Speaking Participation

August 22, 2025
NAICOM logo

NAICOM Launches Allcomers Enhanced Website For Transparency and Efficiency

August 21, 2025
NEM Insurance NEM Insurance NEM Insurance
Business Post

We connect brands with buyers and sellers of insurance, pension and also project insurance and allied Businesses to the trending generation. We help the various public to adapt to the constant changes as it would impact, and also enable advertisers to connect, engage and target opportunities on line , in print and in person.

Browse by Category

  • Business Unlimited
  • Feature
  • Insurance
  • News
  • OIL & ENERGY
  • Pension
  • Travel
  • Uncategorized

Recent News

Guinea Insurance Plc Approves Recapitalisation Commits to Transformation

Guinea Insurance Plc Approves Recapitalisation Commits to Transformation

September 4, 2025
Financial Inclusion, 150 Informal Workers Financial Literacy Upgraded by Heirs Insurance 

Heirs Insurance Group’s Life and General Businesses Receive ‘A1’ Ratings from Agusto & Co

September 4, 2025
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2023 BusinessPost

No Result
View All Result
  • Home
  • Insurance
  • Business Unlimited
  • OIL & ENERGY
  • Feature
  • News
  • Contact Us
  • About
  • Advertise
  • Privacy & Policy

© 2023 BusinessPost

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In